According to the Roadmap for the gradual relaxation of the restrictive measures which was published in August 2013, all milestones of the second stage have been met (Disbursement of funds under the macroeconomic adjustment program, for the recapitalisation of the COOPs, submission of the COOPs restructuring plan to the European Commission, recapitalisation of Hellenic Bank, approval of Bank of Cyprus’ restructuring plan by the Central Bank of Cyprus) and therefore it is possible to proceed with further easing of the restrictions, as follows:
1. Abolition of the restrictive measures relating to fixed term deposits.
2. Increase the current limit with respect to the transfer of money within the Republic, regardless of the purpose, per natural person, per month, from €15.000 to €20.000 and per legal person, regardless of the purpose, per month from €75.000 to €100.000.
The Decree on International Banks remains unchanged.
The period of validity of the two Decrees is 35 days.
Click here to download the new decree.